Election fallout, and 1 Year of NPNR
Election fallout, and 1 Year of NPNR
“Not Pretty, Not Rich” is a newsletter about money, finance, and the economy written by me, Sam Becker. You can connect with me through my website, Twitter, LinkedIn, or send me an email at sammbecker@gmail.com. Also, if you enjoy this newsletter, I’d really appreciate it if you would share or forward it to others.
It’s Friday, November 6, 2020.
What’s shaping the world this week
It’ll be a relatively short one this week because I think we could all use a time out.
Election: As I write this, things aren’t settled. The decade that is 2020 marches on.
The Fed is sitting tight. Interest rates will remain where they are, at zero. And it was made very clear that some more stimulus measures are desperately needed.
Markets shrugged — then rallied:
The election fallout
As I write this, the election still hasn’t been decided. But it appears that Joe Biden will likely end up winning, the Republicans will maintain a majority in the Senate, and the Democrats will maintain theirs in the House. Of course, that may change, but we’ll assume that’s how things shake out for now.
What does it all mean? A lot. I’m not a political analyst, but I think that probably the partisan split between the White House and the Senate is what’s going to ultimately have the most impact over the next couple of years. A Democratic Senate and Biden presidency would’ve tackled a number of issues — climate legislation, taxes, etc. But with Mitch McConnell still standing in the way, a lot of those plans are probably dead.
Unfortunately, that also includes a new stimulus package — or at least a quick and robust stimulus package. Remember, further stimulus measures are something that economists and experts have said we’ve needed for months now. Without it, the economy is likely to continue to suffer, and the recession we’re in could be dragged out for years. And it’s unlikely that Mitch McConnell and many other Republicans will be scrambling to pass a massive spending bill that will help the economy recover faster under a Democratic president. He has said that a stimulus bill will be a priority, but seeing how this guy operates, I doubt it.
It’s essentially the beginning of the Obama years, part two. It’s a bummer, but that’s where we are, and have been, for more than a decade now.
So, the most impactful and relevant way in which the election will affect most of us financially. And again, this is assuming that Biden wins the White House, the Republicans win the Senate, and the Democrats keep the House.
As for some of the other fruit that the election bore? Here’s a quick rundown:
New Jersey, South Dakota, and Arizona legalized marijuana. I would assume that New Jersey is about to see a massive amount of tax revenues because New York (for some reason) still hasn’t given pot the green light.
Oregon decriminalized… everything. That’s right, the use of heroin, cocaine, and everything else, is no longer a crime in Oregon.
Florida raised its minimum wage to $15 per hour.
Prop 22 in California passed, which challenged a state law that required companies that rely on gig-workers to classify them as employees rather than independent contractors — meaning that they’ll remain independent contractors.
Colorado passed Prop 118, which establishes a new state-run medical and family leave program.
Maryland, South Dakota, and Louisiana legalized sports betting.
Obviously, we’ll know more about the election and what’s set to happen next with more time. So turn off the TV and stop doom scrolling, and go pick up some garbage or plant a tree or watch Veep.
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One year of NPNR
This week marks one year that I’ve been publishing this newsletter. I didn’t really have a plan for NPNR, and didn’t know what it would ultimately become. While it’s still a work in progress, I’ll say that I think it’s coming together. I wanted to write about money and the economy (and everything else) as if I were writing for my close friends — no sugarcoating, no feel-good nonsense. I suppose time will tell as to whether or not I’m succeeding.
That’s all to say that this is a big “thank you” to all of you who have read, shared, subscribed, and got in touch over the past year.
As for what’s next? I’m not sure. I may return to sending daily editions next year — which I did during the height of the pandemic and economic meltdown. Given the resources that would require, that may also mean I add a premium tier. We’ll see. But this current edition, which you’re all reading, will always be free.
“Not Pretty, Not Rich” is the name of the newsletter, but it also describes the author and the content. Please let me know if you have any feedback, comments, questions, or anything else.
Again, thank you.
Numbers, links, and things to think about
~35%: An estimate of the average price declines for airline tickets.
$8.8 billion: The amount Inspire Brands paid to acquire Dunkin’ last week.
51%: The percentage of Facebook employees who think that the platform has a positive effect on the world.
1,680: The number of dams across the U.S. that are at risk of failing.
Finish your week with some in-depth nugget analysis, courtesy of Kyla Scanlon.
Now let’s all try to get outside this weekend,
Sam